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Russia's Surgutneftegaz Aims
To Become Investor-Friendly

By

Jeanne Whalen Staff Reporter of The Wall Street Journal

Updated June 4, 2002 12:01 a.m. ET

MOSCOW -- One of Russia's most secretive oil companies has begun coming out of its shell, announcing plans to list its shares on a Western stock exchange and publishing its first financial accounts according to U.S. standards.

Analysts said OAO Surgutneftegaz, Russia's third-largest producer, was inspired by Russian competitors that have managed to boost their market capitalizations dramatically by becoming more investor-friendly.